The global molecular diagnostics market was valued at USD 9,371 million in 2020, and it is expected to reach 15,196 million by 2026, registering a CAGR of 9.2% during the forecast period.
Globally, the integrated supply chains that ensure better quality, safety, and innovative approaches for distribution across the healthcare sector are tremendously impacted due to the disruption in the distribution channels across the world. The COVID-19 pandemic has turned a spotlight on the molecular diagnostics industry across the world, with the rapid development of diagnostics, fast-tracked regulatory clearances, and ramped-up distribution in various regions to help curb the spread of the virus.
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The demand for diagnostic products due to COVID-19 in Brazil is expected to increase mainly due to rising demand for polymerase chain reaction tests, next-generation sequencing (NGS), serology-based rapid-test products, and a sharp rise in the target patient population. For instance, Seegene Inc., a leading developer of multiplex PCR technologies, has supplied five million tests of Allplex 2019-nCOV assay to Brazil through subsidiary Seegene do Brasil Diagnosticos Ltda.
Some of the factors responsible for the growth of the market include large outbreaks of bacterial and viral epidemics in the world, increasing demand for point-of-care diagnostics, recent advancements in pharmacogenomics, and rapidly evolving technology. According to the World Health Organization’s (WHO) 2020 fact sheet, in 2019, the largest number of new tuberculosis (TB) cases occurred in the South-East Asian region.
Furthermore, globally, there is an increasing incidence of cancer, which is driving the market growth. For instance, according to the Globocan Database, in 2020, around 19,292,789 new cancer cases and 9,9581,33 deaths due to cancer. Moreover, it is estimated that the number of new cancer cases may grow from 18.1 million to 29.4 million, between 2018 and 2040.
Molecular diagnostics is considered to be the best method to identify and characterize a microorganism. An effective test must be precise, rapid, and also be able to measure the infectious burden. Better testing quickly identifies the organism’s strain and drug susceptibility, thus, reducing the delay in finding the right antibiotic. Technological advancements, like a polymerase chain reaction (PCR), have also made it possible to identify the antimicrobial resistance genes and provide public health information, such as strain characterization by genotyping. Hence, from the factors mentioned above, the market is estimated to witness significant growth over the forecast period.
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